MySTIE 5.0 marketing approach can help affected businesses

The five marketing approaches under the Malaysian Science, Technology, Innovation and Economy Framework 10-10 (MySTIE) 5.0 marketing and branding initiatives are able to help businesses affected by the COVID-19 pandemic, said Science, Technology and Innovation Minister Datuk Seri Dr Adham Baba.

Referring to the Digital Report 2021 which reached 4.88 billion global Internet users in October 2021 alone, Dr Adham said entrepreneurs needed to understand the importance of data to analyse current trends, predict demand and supply by customers as every business ventured into would be sustainable and future-proof.

"When this facility is used creatively and innovatively, the potential for acceptance and purchase of the product or service is definitely wider not only in the country but also internationally," Dr Adham said at the launch of the MySTIE 5.0 virtual marketing and branding initiative today held in conjunction with the opening ceremony of the Masterclass by Philip Kotler, known as the Father of Modern Marketing from the United States.

The MySTIE 5.0 marketing and branding initiative is a joint venture between the Ministry of Science, Technology and Innovation (MOSTI) and the Malaysian Academy of Sciences, which among others emphasises the involvement of various stakeholders such as government agencies, private companies and small and medium businesses through a compatriot approach.

More than 600 online participants participated in a Masterclass session with Kotler entitled Company Decisions and Marketing 5.0, in which he shared the latest marketing knowledge with participants.

Dr Adham said MOSTI was committed to supporting the country's entrepreneurial community to be at the forefront by using the best marketing methods through the latest technology and innovation.